Thread by @_alexpav

A thread on the @NEARProtocol adoption: the FOMO is NEAR 🧵

1/ Intro: We at @spin_fi constantly keep an eye on the #NEAR metrics. I am sure I’m not the only one, so let me simplify the job for some #DeFi researchers and summarize the trends I currently see.

2/ On-chain maximalists who missed the @Solana Bullrun anticipate that the next blockchain to make a buzz in DeFi is @NEARProtocol 🐂
Same as many other L1s $NEAR trading volumes started to grow in Sept ‘21 and are now getting quite close to $SOL and $LUNA and outperforming $AVAX

3/ At the same time, the #NEAR fully diluted mc is still relatively small compared to other popular L1s. That means the coin may still be quite #undervalued by investors and there’s some space for future growth.

4/ According to @MessariCrypto, the audience of @NEARProtocol is now growing faster than the audience of other L1s: 55% for #NEAR vs 36% for Solana, 53% for Terra, and 41% for Avalanche. But in quantitative terms, the #NEAR audience is smaller than that of other chains mentioned

5/ The speed of the NEAR ecosystem growth is also increasing. The recent launch of @burrowcash on mainnet, @spin_fi’s upcoming mainnet release, $USN stablecoin announcement, @thenearpay development – all that happened in one week only with new projects emerging daily 🍾

6/ Considering some other factors: x15 growth in the number of active wallets and x70 in the number of daily transactions volume since Feb ‘21; and x10 – for NEAR bridged assets since June ‘21, $NEAR is to attract much more attention from the retail customers in the near future.

7/ Institutional investors are already there: in early April, @NEARProtocol announced raising $350M in a funding round led by Tiger Global. The raise came less than three months after a $150 million funding round which makes #NEAR the best-funded L1 solution in the market.